金属期权策略早报-20250603

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The metal sector is mainly divided into non - ferrous metals, precious metals, and black metals. Different option strategies are recommended for each sector and selected varieties based on fundamental analysis, option factor research, and market trends [2][7] Summary by Related Catalogs 1. Metal Option Market Overview - Futures Market: The latest prices, price changes, and volume and position changes of various metal futures contracts are presented. For example, copper (CU2507) closed at 77,600, down 390 or 0.50%; nickel (NI2507) closed at 121,100, up 1,360 or 1.14% [3] - Option Factors - PCR: The volume and position PCR of various metal options are provided. Volume PCR is used to describe whether the underlying market has a turning point, and position PCR is used to describe the strength of the underlying market. For example, the volume PCR of copper options is 1.90, and the position PCR is 1.26 [4] - Option Factors - Pressure and Support Levels: The pressure and support levels of various metal options are analyzed. For example, the pressure point of copper options is 80,000, and the support point is 70,000 [5] - Option Factors - Implied Volatility: The implied volatility of various metal options is presented, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of copper options is 12.62%, and the weighted implied volatility is 17.83% [6] 2. Option Strategies for Different Metal Categories Non - ferrous Metals - Copper Options: Build a bullish option bull spread strategy, a short - volatility seller option portfolio strategy, and a spot long hedge strategy [8] - Aluminum/Alumina Options: Construct a bullish option bull spread strategy, a short - neutral call + put option portfolio strategy, and a spot collar strategy [9] - Zinc/Lead Options: Build a short - neutral call + put option portfolio strategy and a spot collar strategy [9] - Nickel Options: Construct a short - bearish call + put option portfolio strategy and a spot long hedging strategy [10] - Tin Options: Build a bearish option bear spread strategy, a short - volatility strategy, and a spot collar strategy [10] - Lithium Carbonate Options: Construct a bearish option bear spread strategy, a short - bearish call + put option portfolio strategy, and a spot long covered call strategy [11] Precious Metals - Gold/Silver Options: Build a short - bullish volatility option seller portfolio strategy and a spot hedging strategy [12] Black Metals - Rebar Options: Construct a bearish option bear spread strategy, a short - bearish call + put option portfolio strategy, and a spot long covered call strategy [13] - Iron Ore Options: Build a short - neutral call + put option portfolio strategy and a spot long collar strategy [13] - Ferroalloy Options: Construct a bearish option bear spread strategy and a short - volatility strategy [14] - Industrial Silicon/Polysilicon Options: Build a bearish option bear spread strategy, a short - bearish call + put option portfolio strategy, and a spot long covered call strategy [14] - Glass Options: Construct a bearish option bear spread strategy, a short - volatility call + put option portfolio strategy, and a spot long collar strategy [15] 3. Metal Option Charts - Charts for various metal options, including price trends, volume, and position changes, PCR indicators, implied volatility, historical volatility cones, and pressure and support levels, are provided, such as for copper, aluminum, and gold options [18][37][148]